Advance Medical Directives.
Sounds complicated. What are they?
As the name implies, they are directives – primarily of a medical nature – that are created in advance.
In advance of what?
In advance of your incapacity – your inability to make financial and medical decisions for yourself.
According to the American College of Emergency Physicians, “An advance directive is a legal document stating your medical wishes if you were unable to express them yourself.” http://newsroom.acep.org/2016-03-21-Nearly-Two-Thirds-of-Americans-Dont-Have-Living-Wills-Do-You
There are three components that comprise properly prepared Advance Medical Directives.
The first is a living will.
In written form, a living will expresses your healthcare desires in the event that you are unable to express them yourself. (A living will is a separate document from your “Last Will and Testament” in that it doesn’t direct the distribution of your earthly possessions at your death.) If you are incapacitated – let’s say in a coma as a result of an accident- and are unable to make medical decisions for yourself covering anything from a feeding tube to emergency resuscitation, the living will is your written directive to healthcare providers. Once created, it’s a best practice to provide a copy of your living will to your medical provider(s).
The second is a medical power of attorney (MPOA).
The medical power of attorney is someone you trust – over 18 years of age – to make medical decisions for you in the event that you are unable to make them for yourself. The MPOA can make decisions for you that may not be covered in your living will. In some states, the opinion of your MPOA supersedes your living will. For example, if you are brought into the emergency department at the hospital unconscious and not breathing and your living will states that you are not to be resuscitated but your MPOA states that you do want to be revived – then you will be revived.
The third piece is a durable financial power of attorney (DPOA).
According to Nolo Legal, “A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own.”
With a valid DPOA, your representative can make financial decisions for you in the event that you are incapacitated. The person you choose as your DPOA can pay your bills, manage your investments, file your taxes, and any other financial authority that you grant.
Without a valid DPOA, your finances will go unattended in the event you are incapacitated.
If you already have valid Advance Medical Directives and have given the respective documents to your healthcare provider(s), close friend(s), and loved one(s) then you are among the few. Based on a Reuter’s survey, only 37% of Americans have advance directives.
For the other 63%, what are you waiting for?
Not already working with an estate planning attorney? I can help you prepare your advance medical directives.
If you live in the Loveland area – or anywhere along the Colorado Front Range – and have concerns about your estate plans, consider scheduling a complimentary consultation meeting with me.